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later. ryan chilcote live on the phone from kiev. next, i'm going to take a thatat the tax price rate zara has to thank for that. ♪ >> first. bloomberg. in london.k barton this is "on the move." we are streaming live on your tablet, your phone and now any windows phone as well. it has the best profit margins in the industry, at least in part due to tax loopholes. loop holet tax benefit from? claimis -- a sickly, they the rights to the brand names of the in the text brands -- of the brands. when they have stores in rome or london or paris, the subsidiaries have to pay substantial royalties into this unit in the netherlands. that has the effect of moving billions of dollars of income, taxable income out of those countries and into the netherlands and switzerland, where they have a tax advantage. >> i suppose that affects margins in a different way in different countries, to? countries,fferent too? >> in the netherlands are switzerland they have very low tax rates. in italy and the u.k. and france and germany, it european markets their profit margins have been between three percent an
u.s. tax evaders. we will talk credit suisse after the break. ♪ >> welcome back to "on the move ." i am manus cranny at bloomberg's european headquarters in london. these are the bloomberg top headlines. from being thene most attractive carry trade that in the emerging markets to the worst in the space of two months. as the central bank's efforts to weaken the currency caused volatility to search. the exchange rate tumbled the most since 2010 earlier this week. losing money for investors who borrowed dollars to buy the yuan. angela merkel is expected to call for a stronger european union during her visit to the u.k. today. the german chancellor arrives in london later. she will address both houses of parliament and have tea with her majesty, the queen. >> i think she is going to try to convince the u.k. to stay in europe. that there are more advantages to stay in than to get out. you can't really pick what you like and not take the rest. i think that is the main message. yatsenyuk won the support of ukraine protesters in kiev to the an interim cabinet and averted a fraud. he says law
americans dodge taxes. hans nichols has more. the accusation is pretty shocking, isn't it -- $10 billion. how did the committee arrive at this number? i sat down with brady dougan a couple of weeks ago. he is tightlipped on the issue. >> the committee spent six years on this. it is a some hundred 70 page report. talk about numbers alone -- credit suisse has turned over the names of 238 banks accounts. the allegation in the report is that there were 10,000 visits by clients to one branch inside this a wreck airport. when you go to the zÜrich airport, we buy chocolate. apparently it is where you go to do your banking as well. they had 1800 employees that were dedicated to serving u.s. clients. the details are explosive. a fake visa applications, document shredding, you have secret meetings in secret elevators. you have inc. statements being theed to clients inside magazine "sports illustrated." it is remarkable. what brady dougan will have to account for is that if there was a culture at the bank that was trying to flout u.s. law. why did they set up the meetings? why did they have an air
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